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Elliott and Liverpool teammates Jarell Quansah and Tyler Morton all started the match.
England's U21 stars weathered an early scare with VAR overturning a Spanish penalty claim, before James McAtee's early strike, an Elliott poach five minutes later and a last-gasp Elliot Anderson penalty guaranteed the win.
Despite Javi Guerra converting from the spot before the break for Spain, Lee Carsley's side enjoyed a victorious evening and are now set to tackle the Netherlands in a critical semi-final showdown on Wednesday.
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Speaking of the win, Elliott shared: "Incredible.
I said at the start of the game it was going to be very tough, they're going to play an incredible game against us, but I thought the way the lads handled it, handled the pressure, conceding a goal and being determined to keep on going, keep on fighting, we deserve it so much."
Looking ahead, he explained: "Now it's kind of time to celebrate, but we need to think about the semis now.
Celebrate, recover, rest, go again."
Morton, however, won’t feature in the semifinal due to a booking against Spain while Napoli’s Rafa Marin received marching orders just before tensions flared post-match.
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Elliott commented on the tense moments in the match, stating: "It was always going to happen.
I think it's just passion from both teams, it's just one of them.
We're happy about the win, but we need to switch focus."
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England manager Carsley expressed his satisfaction with the team's response after a challenging start: "We talked about getting a fast start and to give the penalty away after a minute, obviously then going to VAR – the lads showed a lot of character," he praised.
"I thought the first half we were so good.
I was saying before the game, I think the longer we can stay in, the more fluid we will become.